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By agronigeria, December 4, 2017
NIRSL2The Nigeria Incentives Risk-based Sharing for Agricultural Lending (NIRSAL) has indicated preparedness to invest a whopping sum of N1.83 trillion annually into the agricultural sector and other sectors of the country’s economy.


The Managing Director of NIRSAL, Aliyu Abdulhameed, disclosed this in Abuja saying the fund would assist the Federal Government in achieving its objective of increasing annual agricultural growth from 4.1 per cent to 8.3 per cent by December 2020 as contained in the Economic Recovery and Growth Plan (ERGP).
Pointing out that there had been insufficient capital to actualise this goal, the NIRSAL boss expressed optimism that the investment would yield an average growth rate of 6.9 per cent over a designated period of three years.
Abdulhameed expressed dissatisfaction with the current state of the agricultural sector, stating that despite abundant natural resources and presence of a large domestic market, the country was still grappling with technological, intellectual and financial challenges amongst others.
He said NIRSAL is working hard to fix broken value chains in the agriculture sector by increasing investments. According to him, the objective is to raise commercial bank lending and other investments from a current 3 per cent to about 10 per cent by the year 2026.
“Statistics show that Nigeria has only 6.5 tractors available per 100 square kilometres compared to global average of 200. Bank lending to agriculture is less than five per cent of total lending at interest rates as high as 25 per cent. Agricultural practices and methods are still very crude and the country lacks modern technologies and infrastructure for logistics, storage and processing,” he said.
With regard to the development of other sectors, Abdulhameed expressed that his organisation is exploring available options for raising and injecting as much as $6 billion into the Nigerian business environment on a yearly basis.
https://agronigeria.com.ng/nirsal-invest-n1-83-tn-agric-sectors/

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2nd Floor Bank of Industry Building 
18 Muhammad Buhari Way, Kaduna, Nigeria. 
Mobile: +234 (803) 3174409...................sssss